Rally

Pepe

Uniswap

Bitcoin

Dogecoin

<p>Crypto&#8217;s majors, Bitcoin and Ethereum, saw a slight pullback following a week of bullish momentum, with the leading crypto by market capitalization currently sitting slightly below it&#8217;s YTD high of USD$31,000.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="939" height="503" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-38.png" alt="" class="wp-image-37374" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-38.png 939w, https://chaindebrief.com/wp-content/uploads/2023/04/image-38-300x161.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-38-768x411.png 768w" sizes="(max-width: 939px) 100vw, 939px" /><figcaption class="wp-element-caption">Image Courtesy: CoinMarketCap</figcaption></figure>



<p>With a pause in majors following a strong rally often indicating an <a href="https://chaindebrief.com/market-cycles-crypto-identify-tops-take-profits/">altcoin season, </a>many cryptocurrencies outside the top 10 have given 50-100% returns over the last few weeks.</p>



<p>However, few expected memecoins to post 1000x&#8217;s so soon.</p>



<p><strong>Also Read:</strong><a href="https://chaindebrief.com/meme-token-success-bad-for-crypto/"> Why Meme Token Success Could Be Bad For Crypto</a></p>



<h2 id="strong-a-dogecoin-and-elon-led-rally-strong"><strong>A Dogecoin and Elon-led rally?</strong></h2>



<p>Two weeks ago, Tesla founder and CEO Elon Musk surprised crypto investors by changing Twitter&#8217;s renown bird logo to a Doge, possible in response to <a href="https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/#:~:text=Musk%20is%20CEO%20of%20both%20Tesla%20and%20SpaceX.&amp;text=%22Defendants%20were%20aware%20since%202019,profit%2C%20exposure%20and%20amusement.%22">allegations of price manipulation.</a></p>



<p></p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="zxx" dir="ltr">? <a href="https://t.co/1grRZj9I5z">pic.twitter.com/1grRZj9I5z</a></p>&mdash; db (@tier10k) <a href="https://twitter.com/tier10k/status/1642944126340546588?ref_src=twsrc%5Etfw">April 3, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>This corresponded with an almost instantaneous spike in Dogecoins&#8217;s price, rising by 30% intra-day.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="948" height="493" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-39.png" alt="" class="wp-image-37375" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-39.png 948w, https://chaindebrief.com/wp-content/uploads/2023/04/image-39-300x156.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-39-768x399.png 768w" sizes="(max-width: 948px) 100vw, 948px" /><figcaption class="wp-element-caption">Image Courtesy: Coinmarketcap</figcaption></figure>



<p>While other dog-themed cryptocurrencies such as $SHIB did not see similar interest, the Elon-spurred rally inspired speculation surrounding new memecoins.</p>



<h2 id="strong-what-are-wojacks-and-pepes-strong"><strong>What Are Wojacks and Pepes?</strong></h2>



<p>The two new memecoins taking crypto twitter by storm are named after their meme counterparts, Wojack and Pepe.</p>



<h3 id="wojak">$Wojak</h3>



<p>Not to be confused with Wojack Finance ($WOJ), $Wojak is an Ethereum-based memecoin launched today, named after a meme popular on crypto twitter.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="640" height="360" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-41.png" alt="" class="wp-image-37377" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-41.png 640w, https://chaindebrief.com/wp-content/uploads/2023/04/image-41-300x169.png 300w" sizes="(max-width: 640px) 100vw, 640px" /></figure>



<p>The mean typically depicts a line-drawn character in  distress or happiness, and is often used to display extreme emotions.</p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="373" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-42-1024x373.png" alt="" class="wp-image-37378" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-42-1024x373.png 1024w, https://chaindebrief.com/wp-content/uploads/2023/04/image-42-300x109.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-42-768x279.png 768w, https://chaindebrief.com/wp-content/uploads/2023/04/image-42.png 1363w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image Courtesy: Dex Screener</figcaption></figure>



<p>Similarly, it&#8217;s themed token, $Wojak, has behaved extremely. It&#8217;s Uniswap pair has seen more than $32 million in volume over the last 24 hours, with the token skyrocketing a mind-boggling 34000%.</p>



<h3 id="pepe">$PEPE</h3>



<p>Similarly, $PEPE was based on the popular pepe meme, which features a green frog-like character that is popular on crypto twitter.</p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="729" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-43-1024x729.png" alt="" class="wp-image-37379" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-43-1024x729.png 1024w, https://chaindebrief.com/wp-content/uploads/2023/04/image-43-300x214.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-43-768x547.png 768w, https://chaindebrief.com/wp-content/uploads/2023/04/image-43.png 1027w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Created by cartoonist and visual artists <a href="https://mattfurie.com/">Matt Furie</a>, Pepe the frog initially rose to popularity on social media sites like Tumblr and 4Chan, before making it&#8217;s way over to Twitter.</p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="376" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-44-1024x376.png" alt="" class="wp-image-37380" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-44-1024x376.png 1024w, https://chaindebrief.com/wp-content/uploads/2023/04/image-44-300x110.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-44-768x282.png 768w, https://chaindebrief.com/wp-content/uploads/2023/04/image-44.png 1358w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image Courtesy: Dexscreener</figcaption></figure>



<p>Much like $Wojak, the $PEPE token saw a tremendous rise over the last few days, growing by over 7777% since it&#8217;s launch.</p>



<h2 id="strong-will-pepe-wojak-be-em-the-em-new-memecoins-strong"><strong>Will Pepe, Wojak, be <em>THE </em>New Memecoins?</strong></h2>



<p>Currently, $Pepe and $Wojak have market capitalizations of $30M and $10.5M respectively, which would rank them at #500 and #800 by market cap respecitvely.</p>



<p>In contrast, Dogecoin still ranks at #8 by market capitalization, at a whopping $12 billion.</p>



<p>Furthermore, many memecoins that were prophesized to take it&#8217;s place, including $SHIB and $FLOKI, eventually faded away during the bear market.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Meme coins used to die at 400k caps during the last 6-9 months (outside a few outliers ofc)<br><br>Not sure what changed</p>&mdash; icebergy <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2744.png" alt="❄" class="wp-smiley" style="height: 1em; max-height: 1em;" /> (@icebergy_) <a href="https://twitter.com/icebergy_/status/1648193811766542337?ref_src=twsrc%5Etfw">April 18, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>While it&#8217;s unlikely that either $WOJAK nor $PEPE will ever crack the top 100, the sudden rise of meme coins could indicated a shift in behaviour amongst market participants.</p>



<p>More risk-on activity could be the sentiment for the next few weeks, as speculators reel from a 2-week long euphoria-riddled Bitcoin and Ethereum pump.</p>



<p><strong>Also Read: </strong><a href="https://chaindebrief.com/controversial-meme-coins-should-be-part-of-crypto-portfolio/">A Controversial Opinion: Why Meme Coins Should be Part of Your Crypto Portfolio</a></p>



<p><em>[Editor’s Note: This article does</em>&nbsp;no<em>t represent financial advice. Please do your own due diligence before investing.]</em></p>



<p><em>Featured Image Credit: Chain Debrief</em></p>

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